Bank of Canada bigwigs got $20 million in bonuses, raises despite hiking interest rate seven times
Meanwhile, some Canadian families are struggling to put food on the table and gas in their tank.

Mike Campbell

July 13, 2023

Bank of Canada bureaucrats received $20 million in bonuses last year despite record-high inflation and seven interest rate hikes.

Bank of Canada bigwigs got $26 million in bonuses, raises despite hiking interest rate seven times

The Crown corporation also gave out over $6 million in pay raises in 2022.

“Bonuses are for people who do a good job, not people who fail at their one and only job,” said Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation (CTF).

“Most organizations don’t shower employees with bonuses when they have their worst year in four decades.”

The average bonus was $11,200 and 80% of the Bank of Canada’s workforce received one. 

Despite the Bank of Canada’s mandate to keep inflation hovering at 2%, a 40-year record high 6.8% in 2022 wasn’t enough to convince the Bank’s executives to hold off from doling out millions in bonuses.

Now that the Bank of Canada has hiked the interest rate to 5%, some are concerned that recent Canadian homebuyers are at risk of defaulting on their mortgages, even though the Bank of Canada’s Governor, Tiff Macklem, predicted last summer “This is not what we expect to happen.”

In November 2020, Macklem made the terrible prediction that inflation would remain “less than 2% into 2023.”

Macklem admitted in 2022 that “we got some things wrong,” and the deputy governor acknowledged “we haven’t managed to keep inflation at our target.”

49% of the Bank of Canada workforce, which is approximately 1,095 staff members, makes over $100,000 a year.

“Finance Minister Chrystia Freeland should find savings by ending bonuses at failing Crown corporations like the Bank of Canada,” said Terrazzano.

Share this story

Help Keep your News Free

Share this story

It's crucial we stay in touch

Big Tech wants to censor us, that’s why you need to stay in touch.

YOU MIGHT ALSO LIKE THESE...

Trending News

In a letter to Deputy PM Chrystia Freeland, the Alberta government voiced its strong opposition to the fed’s capital gains inclusion rate hike to 66%.

Keean Bexte

May 14, 2024

Trending News

Trudeau goes on unhinged rant, blames Pierre Poilievre for housing crisis.

Mike Campbell

May 3, 2024

Trending News

“Last time I was here, I think I said government spending on goods and services was forecast to grow at about two and a quarter. That has now moved up to two and three quarters. That is somewhat above two per cent, so, yeah, that is not helpful…”

Keean Bexte

May 2, 2024

Trending News

Conservative leader Pierre Poilievre has sent a letter to Justin ‘wacko’ Trudeau demanding that he refuse the City of Toronto’s request to decriminalize hard drugs like BC.

TCS Wire

May 1, 2024

Trending News

“I was one of the people defending him. You know, I’ve been a House leader… but I’ve never seen anything like this. Never in my career have I seen such, in my view, blatant partisanship from a Speaker,” Mulcair said.

TCS Wire

May 1, 2024

Trending News

The Speaker of the House of Commons has just kicked out Conservative leader Pierre Poilievre for refusing to retract his characterization of Justin Trudeau as a “wacko”, “radical”, and/or “extremist”.

TCS Wire

April 30, 2024

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. You consent to our cookies if you continue to use our website.